DXP Enterprises (DXPE) 10-Q 12 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	12-May-14
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'DXP ENTERPRISES INC	'
Entity Central Index Key	'0001020710	'
Current Fiscal Year End Date	'--12-31	'
Entity Well-known Seasoned Issuer	'No	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	14,543,711
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash	$12,131	$5,469
Trade accounts receivable, net of allowance for doubtful accounts of $9,306 in 2014 and $8,798 in 2013	250,319	192,003
Inventories, net	110,703	105,271
Prepaid expenses and other current assets	5,178	2,693
Deferred income taxes	11,760	7,713
Total current assets	390,091	313,149
Property and equipment, net	70,657	58,253
Goodwill	374,089	188,110
Other intangible assets, net of accumulated amortization of $48,836 in 2014 and $44,410 in 2013	145,317	69,722
Other long-term assets	5,376	6,043
Total assets	985,530	635,277
Current liabilities:	'	'
Current maturities of long-term debt	39,142	26,213
Trade accounts payable	101,807	78,853
Accrued wages and benefits	24,952	20,473
Federal income taxes payable	4,917	853
Customer advances	4,682	3,720
Other current liabilities	23,336	18,605
Total current liabilities	198,836	148,717
Long-term debt, less current maturities	431,356	168,372
Non-current deferred income taxes	44,043	21,938
Commitments and Contingencies (Note 13)	'	'
Shareholders' equity:	'	'
Common stock, $0.01 par value, 100,000,000 shares authorized; 14,536,632 in 2014 and 14,468,485 in 2013 shares issued	146	144
Additional paid-in capital	114,685	109,892
Retained earnings	205,332	193,737
Accumulated other comprehensive income	-3,713	-2,368
Treasury stock, at cost (146,871 shares in 2014 and 2013)	-5,171	-5,171
Total shareholders' equity	311,295	296,250
Total liabilities and stockholders' equity	985,530	635,277
Series A Preferred Stock [Member]	'	'
Shareholders' equity:	'	'
Preferred stock	1	1
Series B Convertible Preferred Stock [Member]	'	'
Shareholders' equity:	'	'
Preferred stock	$15	$15

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Current assets:	'	'
Trade accounts receivable, allowances for doubtful accounts	$9,306	$8,798
Accumulated amortization	$48,836	$44,410
Shareholders' equity:	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock shares issued (in shares)	14,536,632	14,468,485
Treasury stock (in shares)	146,871	146,871
Series A Preferred Stock [Member]	'	'
Shareholders' equity:	'	'
Preferred stock, voting rights	'1/10th vote per share	'1/10th vote per share
Preferred stock, par value (in dollars per share)	$1	$1
Preferred stock, liquidation preference (in dollars per share)	$112	$100
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, issued (in shares)	1,122	1,122
Preferred stock, outstanding (in shares)	1,122	1,122
Series B Convertible Preferred Stock [Member]	'	'
Shareholders' equity:	'	'
Preferred stock, voting rights	'1/10th vote per share	'1/10th vote per share
Preferred stock, par value (in dollars per share)	$1	$1
Preferred stock, Stated value (in dollars per share)	$100	$100
Preferred stock, liquidation preference (in dollars per share)	$1,500	$100
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, issued (in shares)	15,000	15,000
Preferred stock, outstanding (in shares)	15,000	15,000

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME [Abstract]	'	'
Sales	$348,504	$290,097
Cost of sales	246,797	200,990
Gross profit	101,707	89,107
Selling, general and administrative expense	79,546	66,403
Operating income	22,161	22,704
Other expense (income), net	-150	1
Interest expense	3,397	1,627
Income before income taxes	18,914	21,076
Provision for income taxes	7,296	7,844
Net income	11,618	13,232
Preferred stock dividend	23	23
Net income attributable to common shareholders	11,595	13,209
Net income	11,618	13,232
Loss on long-term investment, net of income taxes	-55	-724
Cumulative translation adjustment	-1,290	-316
Comprehensive income	$10,273	$12,192
Basic earnings per share (in dollars per share)	$0.79	$0.92
Weighted average common shares outstanding (in shares)	14,724	14,395
Diluted earnings per share (in dollars per share)	$0.75	$0.87
Weighted average common shares and common equivalent shares outstanding (in shares)	15,564	15,235

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CASH FLOW FROM OPERATING ACTIVITIES:	'	'
Net income	$11,618	$13,232
Adjustments to reconcile net income to net cash provided by operating activities	'	'
Depreciation	2,984	2,248
Amortization of intangible assets	4,570	2,642
Compensation expense for restricted stock	685	724
Tax benefit related to vesting of restricted stock	-637	-373
Deferred income taxes	-2,804	-2,820
Changes in operating assets and liabilities, net of assets and liabilities acquired in business acquisitions:	'	'
Trade accounts receivable	-8,181	-14,424
Inventories	1,041	1,703
Prepaid expenses and other assets	925	1,948
Accounts payable and accrued expenses	10,449	12,052
Net cash provided by operating activities	20,650	16,932
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchase of property and equipment	-1,684	-2,360
Sale of long-term investment	-1,688	0
Acquisitions of businesses, net of cash acquired	-287,043	0
Net cash used in investing activities	-290,415	-2,360
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from debt	380,439	94,727
Principal payments on revolving line of credit and other long-term debt	-104,454	-112,833
Dividends paid	-23	-23
Tax benefit related to vesting of restricted stock	637	373
Net cash (used in) provided by financing activities	276,599	-17,756
EFFECT OF FOREIGN CURRENCY ON CASH	-172	-36
NET CHANGE IN CASH AND CASH EQUIVALENTS	6,662	-3,220
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	5,469	10,455
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$12,131	$7,235

THE_COMPANY

THE COMPANY	3 Months Ended
	Mar. 31, 2014
THE COMPANY [Abstract]	'
THE COMPANY	'
	NOTE 1 - THE COMPANY
	DXP Enterprises, Inc. together with its subsidiaries (collectively "DXP," "Company," "us," "we," or "our") was incorporated in Texas on July 26, 1996, to be the successor to SEPCO Industries, Inc. DXP Enterprises, Inc. and its subsidiaries are primarily engaged in the business of distributing maintenance, repair and operating (MRO) products, equipment and service to industrial customers. The Company is organized into three business segments: Service Centers, Supply Chain Services (SCS) and Innovative Pumping Solutions (IPS). See Note 12 for discussion of the business segments.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES	3 Months Ended
	Mar. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES	'
	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING AND BUSINESS POLICIES
	Basis of Presentation
	The Company's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("USGAAP"). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared on substantially the same basis as our annual consolidated financial statements and should be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2013. For a more complete discussion of our significant accounting policies and business practices, refer to the consolidated annual report on Form 10-K filed with the Securities and Exchange Commission on March 11, 2014.
	All significant intercompany accounts and transactions have been eliminated upon consolidation.

RECENT_ACCOUNTING_PRONOUNCEMEN

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2014
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]	'
RECENT ACCOUNTING PRONOUNCEMENTS	'
	NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS
	In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740), which requires entities to present unrecognized tax benefits as a liability and not combine it with deferred tax assets to the extent a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward is not available at the reporting date. ASU 2013-11 will become effective for fiscal years beginning after December 15, 2013. DXP adopted this guidance in the first quarter of 2014. There was no material effect on our financial statements.

FAIR_VALUE_OF_FINANCIAL_ASSETS

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2014
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES [Abstract]	'
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	'
	NOTE 4 - FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
	Authoritative guidance for financial assets and liabilities measured on a recurring basis applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Fair value, as defined in the authoritative guidance, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance affects the fair value measurement of an investment with quoted market prices in an active market for identical instruments, which must be classified in one of the following categories:
	Level 1 Inputs
	Level 1 inputs come from quoted prices (unadjusted) in active markets for identical assets or liabilities.
	Level 2 Inputs
	Level 2 inputs are other than quoted prices that are observable for an asset or liability. These inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
	Level 3 Inputs
	Level 3 inputs are unobservable inputs for the asset or liability which require the Company's own assumptions.
	Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.
	The following table presents the changes in Level 1 assets for the period indicated (in thousands):
		Three Months Ended March 31,
		2014			2013
	Fair value at beginning of period	$	1,837		$	2,413
	Realized and unrealized gains (losses)		(149	)		(1,206	)
	included in other comprehensive income
	Proceeds on sale of investment		(1,688	)		-
	Fair value at end of period	$	-		$	1,207
	The Company paid a total of $1.7 million for an investment with quoted market prices in an active market. At December 31, 2013, the market value of this investment was $1.8 million. During the three months ended March 31, 2014, the Company sold this investment for $1.7 million. The Company recognized a $0.1 million loss in 2014 on the sale of this investment, which is included in other income within our condensed consolidated statements of income.

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2014
INVENTORY [Abstract]	'
INVENTORY	'
	NOTE 5 - INVENTORY
	The carrying values of inventories are as follows (in thousands):
		March 31,			December 31,
		2014			2013
	Finished goods	$	104,203		$	102,608
	Work in process		10,358			6,657
	Inventory reserve		(3,858	)		(3,994	)
	Inventories, net	$	110,703		$	105,271

PROPERTY_AND_EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2014
PROPERTY AND EQUIPMENT [Abstract]	'
PROPERTY AND EQUIPMENT	'
	NOTE 6 - PROPERTY AND EQUIPMENT
	The carrying values of property and equipment are as follows (in thousands):
		March 31,			December 31,
		2014			2013
	Land	$	2,342		$	2,137
	Buildings and leasehold improvements		13,655			9,565
	Furniture, fixtures and equipment		90,302			79,633
	Less – Accumulated depreciation		(35,642	)		(33,082	)
	Total Property and Equipment, net	$	70,657		$	58,253

GOODWILL_AND_OTHER_INTANGIBLE_

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2014
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]	'
GOODWILL AND OTHER INTANGIBLE ASSETS	'
	NOTE 7 - GOODWILL AND OTHER INTANGIBLE ASSETS
	The following table presents the changes in the carrying amount of goodwill and other intangible assets during the three months ended March 31, 2014 (in thousands):
		Goodwill		Other			Total
				Intangible Assets
	Balance as of December 31, 2013	$	188,110	$	69,722		$	257,832
	Acquired during the period		185,979		81,130			267,109
	Translation adjustment		-		(965	)		(965	)
	Amortization		-		(4,570	)		(4,570	)
	Balance as of March 31, 2014	$	374,089		145,317		$	519,406
	The following table presents goodwill balance by reportable segment as of March 31, 2014 and December 31, 2013 (in thousands):
		2014		2013
	Service Centers	$	189,209	$	142,714
	Innovative Pumping Solutions		167,742		28,258
	Supply Chain Services		17,138		17,138
	Total	$	374,089	$	188,110
	The following table presents a summary of amortizable other intangible assets (in thousands):
		As of March 31, 2014								As of December 31, 2013
		Gross		Accumulated			Carrying Amount, net			Gross		Accumulated			Carrying Amount, net
		Carrying		Amortization						Carrying		Amortization
		Amount								Amount
	Vendor agreements	$	2,496	$	(1,237	)	$	1,259		$	2,496	$	(1,205	)	$	1,291
	Customer relationships		189,932		(46,769	)		143,163			109,897		(42,468	)		67,429
	Non-compete agreements		1,725		(830	)		895			1,739		(737	)		1,002
	Total	$	194,153	$	(48,836	)	$	145,317		$	114,132	$	(44,410	)	$	69,722
	Other intangible assets are generally amortized on a straight-line basis over their estimated useful lives.

LONGTERM_DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2014
LONG-TERM DEBT [Abstract]	'
LONG-TERM DEBT	'
	NOTE 8 – LONG-TERM DEBT
	Long-term debt consisted of the following at March 31, 2014 and December 31, 2013 (in thousands):
		2014			2013
	Line of credit	$	223,000		$	76,849
	Term loan		240,625			109,375
	Promissory note payable in monthly installments at 2.9% through		5,808			6,000
	January 2021, collateralized by equipment
	Unsecured subordinated notes payable in quarterly installments at 5%		1,065			2,361
	through November 2015
			470,498			194,585
	Less: Current portion		(39,142	)		(26,213	)
	Total Long-term Debt	$	431,356		$	168,372
	On July 11, 2012, DXP entered into a credit facility with Wells Fargo Bank National Association, as Issuing Lender, Swingline Lender and Administrative Agent for the lenders (as amended, the "Original Facility"). On December 31, 2012, the Company amended the Original Facility which increased the Credit Facility by $75 million. On January 2, 2014, the Company entered into an Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as Issuing Lender and Administrative Agent for other lenders (the "Facility"), amending the Company's Original Facility.
	The Facility provides a term loan and a $350 million revolving line of credit to the Company. At March 31, 2014 the term loan component of the facility was $240.6 million.
	The Facility provides the option of interest at LIBOR (or CDOR for Canadian dollar loans) plus an applicable margin ranging from 1.25% to 2.50% or prime plus an applicable margin from 0.25% to 1.50% where the applicable margin is determined by the Company's leverage ratio as defined by the Facility as of the last day of the fiscal quarter most recently ended prior to the date of borrowing. Commitment fees of 0.20% to 0.45% per annum are payable on the portion of the Facility capacity not in use at any given time on the line of credit. Commitment fees are included as interest in the consolidated statements of income.
	On March 31, 2014, the LIBOR based rate of the Facility was LIBOR plus 2.0%, the prime based rate of the Facility was prime plus 1.0%, and the commitment fee was 0.35%. At March 31, 2014, $463.6 million was borrowed under the Facility at a weighted average interest rate of approximately 2.16% under the LIBOR options. At March 31, 2014, the Company had approximately $113.4 million available for borrowing under the Facility.
	The Facility expires on January 2, 2019. The Facility contains financial covenants defining various financial measures and levels of these measures with which the Company must comply. Covenant compliance is assessed as of each quarter end. Substantially all of the Company's assets are pledged as collateral to secure the credit facility.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2014
STOCK-BASED COMPENSATION [Abstract]	'
STOCK-BASED COMPENSATION	'
	NOTE 9 - STOCK-BASED COMPENSATION
	Restricted Stock
	Under the restricted stock plan approved by our shareholders (the "Restricted Stock Plan"), directors, consultants and employees may be awarded shares of DXP's common stock. The shares of restricted stock granted to employees and that are outstanding as of March 31, 2014 vest in accordance with one of the following vesting schedules: 100% one year after date of grant; 33.3% each year for three years after date of grant; 20% each year for five years after the grant date; or 10% each year for ten years after the grant date. The Restricted Stock Plan provides that on each July 1 during the term of the plan each non-employee director of DXP will be granted the number of whole shares calculated by dividing $75 thousand by the closing price of the common stock on such July 1. The shares of restricted stock granted to non-employee directors of DXP vest one year after the grant date. The fair value of restricted stock awards is measured based upon the closing prices of DXP's common stock on the grant dates and is recognized as compensation expense over the vesting period of the awards. Once restricted stock vests, new shares of the Company's stock are issued.
	The following table provides certain information regarding the shares authorized and outstanding under the Restricted Stock Plan at March 31, 2014:
	Number of shares authorized for grants		800,000
	Number of shares granted		(829,459	)
	Number of shares forfeited		120,067
	Number of shares available for future grants		90,608
	Weighted-average grant price of granted shares	$	27.43
	Changes in restricted stock for the three months ended March 31, 2014 were as follows:
		Number of			Weighted Average
		Shares			Grant Price
	Non-vested at December 31, 2013		211,510		$	36.17
	Granted		44,300		$	97.17
	Forfeited		(11,158	)	$	35.72
	Vested		(31,147	)	$	38.14
	Non-vested at March 31, 2014		213,505		$	48.48
	Compensation expense, associated with restricted stock, recognized in the three months ended March 31, 2014 and 2013 was $0.7 million and $0.7 million, respectively. Related income tax benefits recognized in earnings for the three months ended March 31, 2014 and 2013 were approximately $0.3 million and $0.3 million, respectively. Unrecognized compensation expense under the Restricted Stock Plan at March 31, 2014 and December 31, 2013 was $9.3 million and $5.7 million, respectively. As of March 31, 2014, the weighted average period over which the unrecognized compensation expense is expected to be recognized is 30.2 months.

EARNINGS_PER_SHARE_DATA

EARNINGS PER SHARE DATA	3 Months Ended
	Mar. 31, 2014
EARNINGS PER SHARE DATA [Abstract]	'
EARNINGS PER SHARE DATA	'
	NOTE 10 - EARNINGS PER SHARE DATA
	Basic earnings per share is computed based on weighted average shares outstanding and excludes dilutive securities. Diluted earnings per share is computed including the impacts of all potentially dilutive securities.
	The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):
		Three Months Ended
		March 31,
		2014		2013
	Basic:
	Weighted average shares outstanding		14,724		14,395
	Net income	$	11,618	$	13,232
	Convertible preferred stock dividend		23		23
	Net income attributable to common shareholders	$	11,595	$	13,209
	Per share amount	$	0.79	$	0.92
	Diluted:
	Weighted average shares outstanding		14,724		14,395
	Assumed conversion of convertible		840		840
	preferred stock
	Total dilutive shares		15,564		15,235
	Net income attributable to	$	11,595	$	13,209
	common shareholders
	Convertible preferred stock dividend		23		23
	Net income for diluted	$	11,618	$	13,232
	earnings per share
	Per share amount	$	0.75	$	0.87

BUSINESS_ACQUISITIONS

BUSINESS ACQUISITIONS	3 Months Ended
	Mar. 31, 2014
BUSINESS ACQUISITIONS [Abstract]	'
BUSINESS ACQUISITIONS	'
	NOTE 11 - BUSINESS ACQUISITIONS
	All of the Company's acquisitions have been accounted for using the purchase method of accounting. Revenues and expenses of the acquired businesses have been included in the accompanying consolidated financial statements beginning on their respective dates of acquisition. The allocation of purchase price to the acquired assets and liabilities is based on estimates of fair market value and may be prospectively revised if and when additional information the Company is awaiting concerning certain asset and liability valuations is obtained, provided that such information is received no later than one year after the date of acquisition. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. It specifically includes the expected synergies and other benefits that we believe will result from combining the operations of our acquisitions with the operations of DXP and any intangible assets that do not qualify for separate recognition such as the assembled workforce.
	On April 16, 2013, DXP acquired all of the stock of National Process Equipment Inc. ("NatPro") through its wholly owned subsidiary, DXP Canada Enterprises Ltd. DXP acquired this business to expand DXP's geographic presence in Canada and strengthen DXP's pump, integrated system packaging, compressor, and related equipment offering. The $40.0 million purchase price was financed with $36.6 million of borrowings under DXP's existing credit facility and 52,542 shares of DXP common stock. Additionally, the purchase agreement included an earn-out provision, which stated that former owners of NatPro may earn $6.0 million based on achievement of an earnings target during the first year of DXP's ownership. The fair value of the earn-out recorded at the acquisition date was $2.8 million. As of December 31, 2013, the Company's earn-out liability was estimated to be zero and $2.8 million was recorded as a reduction of selling, general and administrative expense in the fourth quarter of 2013. No earn-out was earned. Estimated goodwill of $24.6 million and intangible assets of $14.8 million were recognized for this acquisition. None of the estimated goodwill or intangible assets are expected to be tax deductible. The goodwill associated with this acquisition is included in both the Service Centers segment and IPS segment.
	On May 17, 2013, DXP acquired substantially all of the assets of Tucker Tool Company, Inc. ("Tucker Tool"). DXP acquired this business to expand DXP's geographic presence in the northern U.S. and strengthen DXP's industrial cutting tools offering. DXP paid approximately $5.0 million for Tucker Tool which was borrowed under our existing credit facility. Estimated goodwill of $3.2 and intangible assets of $1.5 million were recognized for this acquisition. All of the goodwill is included in the Service Centers segment.
	On July 1, 2103, DXP acquired all of the stock of Alaska Pump & Supply, Inc. (APS). DXP acquired this business to expand DXP's geographic presence in Alaska. DXP paid approximately $13.0 million for APS which was borrowed under our existing credit facility.  Estimated goodwill of $8.1 million and intangible assets of $4.1 million were recognized for this acquisition. None of the estimated goodwill or intangible assets are expected to be tax deductible.  All of the goodwill is included in the Service Centers segment.
	On July 31, 2013, DXP acquired substantially all of the assets of Tool-Tech Industrial Machine & Supply, Inc. ("Tool-Tech"). DXP acquired this business to enhance our metal working product offering in the southwest region of the United States. DXP paid approximately $7.6 million for Tool-Tech which was borrowed under our existing credit facility. Estimated goodwill of $4.9 million and intangible assets of $2.4 million were recognized for this acquisition. All of the estimated goodwill is included in the Service Centers segment.
	On January 2, 2014, the Company completed the acquisition of all of the equity securities and units of B27, LLC ("B27") by way of a Securities Purchase Agreement to expand DXP's pump packaging offering. The total transaction value was approximately $293.6 million, excluding approximately $1.0 million in transaction costs recognized within SG&A in the 2013 statement of income.  The purchase price was financed with borrowings under DXP's amended credit facility and approximately $4.0 million (36,000 shares) of DXP common stock. DXP has not completed appraisals of intangibles for B27, and therefore, has made preliminary estimates for purposes of this disclosure. Estimated goodwill of $186.0 million and intangible assets of $81.1 million were recognized for this acquisition. Approximately $213.7 million of the estimated goodwill or intangible assets are expected not to be tax deductible. The estimated goodwill associated with this acquisition will be included in the IPS segment.
	The value assigned to the non-compete agreements and customer relationships for business acquisitions were determined by discounting the estimated cash flows associated with non-compete agreements and customer relationships as of the date the acquisition was consummated. The estimated cash flows were based on estimated revenues net of operating expenses and net of capital charges for assets that contribute to the projected cash flow from these assets. The projected revenues and operating expenses were estimated based on management estimates. Net capital charges for assets that contribute to projected cash flow were based on the estimated fair value of those assets. For the acquisitions discussed above, discount rates of 13.5% to 15.9% were deemed appropriate for valuing these assets and were based on the risks associated with the respective cash flows taking into consideration the acquired company's weighted average cost of capital.
	For the three months ended March 31, 2014, businesses acquired during 2013 and 2014 contributed sales of $23.0 million and $30.4 million, respectively, and earnings (loss) before taxes of approximately $(0.8) million and $(1.5) million, respectively.
	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed during 2013 and 2014 in connection with the acquisitions described above (in thousands):
		NatPro		Tucker Tool		APS		Tool-Tech			B27	Total
	Cash	$	-	$	-	$	-	$	430	$	2,538	$	2,968
	Accounts Receivable, net		14,549		505		1,424		1,505		51,448		69,431
	Inventory		6,883		209		1,332		409		6,472		15,305
	Property and equipment		3,317		-		172		19		14,573		18,081
	Goodwill and intangibles		39,345		4,678		12,148		7,254		267,109		330,534
	Other assets		698		-		389		2		1,163		2,252
	Assets acquired		64,792		5,392		15,465		9,619		343,303		438,571
	Current liabilities assumed		19,175		391		1,079		1,987		27,069		49,701
	Non-current liabilities assumed		5,649		-		1,419		-		22,682		29,750
	Net assets acquired	$	39,968	$	5,001	$	12,967	$	7,632	$	293,552	$	359,120
	The pro forma unaudited results of operations for the Company on a consolidated basis for the three months ended March 31, 2014 and 2013, assuming the acquisition of businesses completed in 2014 and 2013 were consummated as of January 1, 2013 are as follows (in thousands, except per share data):
		Three Months Ended
		March 31,
		2014		2013
	Net sales	$	348,504	$	351,537
	Net income	$	11,595	$	13,796
	Per share data
	Basic earnings	$	0.79	$	0.95
	Diluted earnings	$	0.75	$	0.9

SEGMENT_REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2014
SEGMENT REPORTING [Abstract]	'
SEGMENT REPORTING	'
	NOTE 12 - SEGMENT REPORTING
	The Company's reportable business segments are: Service Centers, Innovative Pumping Solutions and Supply Chain Services. The Service Centers segment is engaged in providing maintenance, MRO products, equipment and integrated services, including logistics capabilities, to industrial customers. The Service Centers segment provides a wide range of MRO products in the rotating equipment, bearing, power transmission, hose, fluid power, metal working, fastener, industrial supply, safety products and safety services categories. The Innovative Pumping Solutions segment fabricates and assembles custom-made pump packages. The Supply Chain Services segment manages all or part of a customer's supply chain, including warehouse and inventory management.
	The high degree of integration of the Company's operations necessitates the use of a substantial number of allocations and apportionments in the determination of business segment information. Sales are shown net of intersegment eliminations.
	The following table sets out financial information relating the Company's segments (in thousands):
					Three Months ended March 31,
		Service			IPS		SCS		Total
		Centers
	2014
	Sales	$	231,224		$	79,881	$	37,399	$	348,504
	Operating income for reportable segments	$	24,425		$	9,549	$	3,125	$	37,099
	2013
	Sales	$	210,091		$	41,523	$	38,483	$	290,097
	Operating income for reportable segments	$	25,047		$	7,117	$	3,185	$	35,349
	The following table presents reconciliations of operating income for reportable segments to the consolidated income before taxes (in thousands):
		Three Months Ended
		March 31,
		2014			2013
	Operating income for reportable segments	$	37,099		$	35,349
	Adjustment for:
	Amortization of intangibles		4,570			2,642
	Corporate and other expense, net		10,368			10,003
	Total operating income		22,161			22,704
	Interest expense, net		3,397			1,627
	Other expense (income), net		(150	)		1
	Income before income taxes	$	18,914		$	21,076

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2014
COMMITMENTS AND CONTINGENCIES [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	NOTE 13 – COMMITMENTS AND CONTINGENCIES
	From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. While DXP is unable to predict the outcome of these lawsuits, it believes that the ultimate resolution will not have, either individually or in the aggregate, a material adverse effect on DXP's consolidated financial position, cash flows, or results of operations.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2014
SUBSEQUENT EVENTS [Abstract]	'
SUBSEQUENT EVENTS	'
	NOTE 14 - SUBSEQUENT EVENTS
	We have evaluated subsequent events through the date the interim condensed consolidated financial statements were issued.
	On May 1, 2014, DXP acquired substantially all of the equity interests of Machinery Tooling & Supply, LLC ("MT&S"). DXP acquired this business to enhance our metal working product offering in the north central region of the United States. DXP paid approximately $14.9 million for MT&S which was borrowed under our Facility.

FAIR_VALUE_OF_FINANCIAL_ASSETS1

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2014
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES [Abstract]	'
Changes in Level 1 Assets	'
	The following table presents the changes in Level 1 assets for the period indicated (in thousands):
		Three Months Ended March 31,
		2014			2013
	Fair value at beginning of period	$	1,837		$	2,413
	Realized and unrealized gains (losses)		(149	)		(1,206	)
	included in other comprehensive income
	Proceeds on sale of investment		(1,688	)		-
	Fair value at end of period	$	-		$	1,207

INVENTORY_Tables

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2014
INVENTORY [Abstract]	'
Carrying Values of Inventories	'
	The carrying values of inventories are as follows (in thousands):
		March 31,			December 31,
		2014			2013
	Finished goods	$	104,203		$	102,608
	Work in process		10,358			6,657
	Inventory reserve		(3,858	)		(3,994	)
	Inventories, net	$	110,703		$	105,271

PROPERTY_AND_EQUIPMENT_Tables

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2014
PROPERTY AND EQUIPMENT [Abstract]	'
Property and equipment	'
	The carrying values of property and equipment are as follows (in thousands):
		March 31,			December 31,
		2014			2013
	Land	$	2,342		$	2,137
	Buildings and leasehold improvements		13,655			9,565
	Furniture, fixtures and equipment		90,302			79,633
	Less – Accumulated depreciation		(35,642	)		(33,082	)
	Total Property and Equipment, net	$	70,657		$	58,253

GOODWILL_AND_OTHER_INTANGIBLE_1

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2014
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]	'
Goodwill and Other Intangible Assets	'
	The following table presents the changes in the carrying amount of goodwill and other intangible assets during the three months ended March 31, 2014 (in thousands):
		Goodwill		Other			Total
				Intangible Assets
	Balance as of December 31, 2013	$	188,110	$	69,722		$	257,832
	Acquired during the period		185,979		81,130			267,109
	Translation adjustment		-		(965	)		(965	)
	Amortization		-		(4,570	)		(4,570	)
	Balance as of March 31, 2014	$	374,089		145,317		$	519,406
Goodwill balance by reportable segment	'
	The following table presents goodwill balance by reportable segment as of March 31, 2014 and December 31, 2013 (in thousands):
		2014		2013
	Service Centers	$	189,209	$	142,714
	Innovative Pumping Solutions		167,742		28,258
	Supply Chain Services		17,138		17,138
	Total	$	374,089	$	188,110
Amortizable Other Intangible Assets	'
	The following table presents a summary of amortizable other intangible assets (in thousands):
		As of March 31, 2014								As of December 31, 2013
		Gross		Accumulated			Carrying Amount, net			Gross		Accumulated			Carrying Amount, net
		Carrying		Amortization						Carrying		Amortization
		Amount								Amount
	Vendor agreements	$	2,496	$	(1,237	)	$	1,259		$	2,496	$	(1,205	)	$	1,291
	Customer relationships		189,932		(46,769	)		143,163			109,897		(42,468	)		67,429
	Non-compete agreements		1,725		(830	)		895			1,739		(737	)		1,002
	Total	$	194,153	$	(48,836	)	$	145,317		$	114,132	$	(44,410	)	$	69,722

LONGTERM_DEBT_Tables

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2014
LONG-TERM DEBT [Abstract]	'
Long term debt	'
	Long-term debt consisted of the following at March 31, 2014 and December 31, 2013 (in thousands):
		2014			2013
	Line of credit	$	223,000		$	76,849
	Term loan		240,625			109,375
	Promissory note payable in monthly installments at 2.9% through		5,808			6,000
	January 2021, collateralized by equipment
	Unsecured subordinated notes payable in quarterly installments at 5%		1,065			2,361
	through November 2015
			470,498			194,585
	Less: Current portion		(39,142	)		(26,213	)
	Total Long-term Debt	$	431,356		$	168,372

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2014
STOCK-BASED COMPENSATION [Abstract]	'
Shares Authorized and Outstanding Under the Restricted Stock Plan	'
	The following table provides certain information regarding the shares authorized and outstanding under the Restricted Stock Plan at March 31, 2014:
	Number of shares authorized for grants		800,000
	Number of shares granted		(829,459	)
	Number of shares forfeited		120,067
	Number of shares available for future grants		90,608
	Weighted-average grant price of granted shares	$	27.43
	Changes in restricted stock for the three months ended March 31, 2014 were as follows:
		Number of			Weighted Average
		Shares			Grant Price
	Non-vested at December 31, 2013		211,510		$	36.17
	Granted		44,300		$	97.17
	Forfeited		(11,158	)	$	35.72
	Vested		(31,147	)	$	38.14
	Non-vested at March 31, 2014		213,505		$	48.48

EARNINGS_PER_SHARE_DATA_Tables

EARNINGS PER SHARE DATA (Tables)	3 Months Ended
	Mar. 31, 2014
EARNINGS PER SHARE DATA [Abstract]	'
Computation of Basic and Diluted Earnings per Share	'
	The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):
		Three Months Ended
		March 31,
		2014		2013
	Basic:
	Weighted average shares outstanding		14,724		14,395
	Net income	$	11,618	$	13,232
	Convertible preferred stock dividend		23		23
	Net income attributable to common shareholders	$	11,595	$	13,209
	Per share amount	$	0.79	$	0.92
	Diluted:
	Weighted average shares outstanding		14,724		14,395
	Assumed conversion of convertible		840		840
	preferred stock
	Total dilutive shares		15,564		15,235
	Net income attributable to	$	11,595	$	13,209
	common shareholders
	Convertible preferred stock dividend		23		23
	Net income for diluted	$	11,618	$	13,232
	earnings per share
	Per share amount	$	0.75	$	0.87

BUSINESS_ACQUISITIONS_Tables

BUSINESS ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2014
BUSINESS ACQUISITIONS [Abstract]	'
Estimated fair values of assets acquired and liabilities assumed	'
	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed during 2013 and 2014 in connection with the acquisitions described above (in thousands):
		NatPro		Tucker Tool		APS		Tool-Tech			B27	Total
	Cash	$	-	$	-	$	-	$	430	$	2,538	$	2,968
	Accounts Receivable, net		14,549		505		1,424		1,505		51,448		69,431
	Inventory		6,883		209		1,332		409		6,472		15,305
	Property and equipment		3,317		-		172		19		14,573		18,081
	Goodwill and intangibles		39,345		4,678		12,148		7,254		267,109		330,534
	Other assets		698		-		389		2		1,163		2,252
	Assets acquired		64,792		5,392		15,465		9,619		343,303		438,571
	Current liabilities assumed		19,175		391		1,079		1,987		27,069		49,701
	Non-current liabilities assumed		5,649		-		1,419		-		22,682		29,750
	Net assets acquired	$	39,968	$	5,001	$	12,967	$	7,632	$	293,552	$	359,120
Pro forma unaudited results of operations	'
	The pro forma unaudited results of operations for the Company on a consolidated basis for the three months ended March 31, 2014 and 2013, assuming the acquisition of businesses completed in 2014 and 2013 were consummated as of January 1, 2013 are as follows (in thousands, except per share data):
		Three Months Ended
		March 31,
		2014		2013
	Net sales	$	348,504	$	351,537
	Net income	$	11,595	$	13,796
	Per share data
	Basic earnings	$	0.79	$	0.95
	Diluted earnings	$	0.75	$	0.9

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2014
SEGMENT REPORTING [Abstract]	'
Segment Reporting Financial Information	'
	The following table sets out financial information relating the Company's segments (in thousands):
					Three Months ended March 31,
		Service			IPS		SCS		Total
		Centers
	2014
	Sales	$	231,224		$	79,881	$	37,399	$	348,504
	Operating income for reportable segments	$	24,425		$	9,549	$	3,125	$	37,099
	2013
	Sales	$	210,091		$	41,523	$	38,483	$	290,097
	Operating income for reportable segments	$	25,047		$	7,117	$	3,185	$	35,349
Reconciliation of Operating Income for Reportable Segments to Consolidated Income before Taxes	'
	The following table presents reconciliations of operating income for reportable segments to the consolidated income before taxes (in thousands):
		Three Months Ended
		March 31,
		2014			2013
	Operating income for reportable segments	$	37,099		$	35,349
	Adjustment for:
	Amortization of intangibles		4,570			2,642
	Corporate and other expense, net		10,368			10,003
	Total operating income		22,161			22,704
	Interest expense, net		3,397			1,627
	Other expense (income), net		(150	)		1
	Income before income taxes	$	18,914		$	21,076

THE_COMPANY_Details

THE COMPANY (Details)	3 Months Ended
	Mar. 31, 2014
	Segment
THE COMPANY [Abstract]	'
Number of segments	3

FAIR_VALUE_OF_FINANCIAL_ASSETS2

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Details) (USD $)	3 Months Ended	12 Months Ended	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
			Level 1 [Member]	Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'	'	'
Fair value at beginning of period	$1,800,000	'	$1,837,000	$2,413,000
Realized and unrealized gains (losses) included in other comprehensive income	'	'	-149,000	-1,206,000
Proceeds from Sale of Long-term Investments	1,700,000	'	-1,688,000	0
Fair value at end of period	'	1,800,000	0	1,207,000
Investments purchase during period	'	1,700,000	'	'
Fair market value of investments	'	1,800,000	0	1,207,000
Proceeds from sale of investments	1,700,000	'	-1,688,000	0
Loss on the sale of investments	$100,000	'	'	'

INVENTORY_Details

INVENTORY (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
INVENTORY [Abstract]	'	'
Finished goods	$104,203	$102,608
Work in process	10,358	6,657
Inventory reserve	-3,858	-3,994
Inventories, net	$110,703	$105,271

PROPERTY_AND_EQUIPMENT_Details

PROPERTY AND EQUIPMENT (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Property, Plant and Equipment [Line Items]	'	'
Less - Accumulated depreciation	($35,642)	($33,082)
Total Property and Equipment, net	70,657	58,253
Land [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property and equipment, gross	2,342	2,137
Buildings and Leasehold Improvements [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property and equipment, gross	13,655	9,565
Furniture, Fixtures and Equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property and equipment, gross	$90,302	$79,633

GOODWILL_AND_OTHER_INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Goodwill [Roll Forward]	'	'	'
Beginning balance	$188,110	'	'
Acquired during the period	185,979	'	'
Translation adjustment	0	'	'
Ending balance	374,089	'	'
Other Intangibles Assets [Roll Forward]	'	'	'
Balance at beginning of period	69,722	'	'
Acquired during the year	81,130	'	'
Translation adjustment	-965	'	'
Amortization	-4,570	-2,642	'
Balance at end of period	145,317	'	'
Total Goodwill and Intangible Assets [Roll Forward]	'	'	'
Beginning Balance	257,832	'	'
Acquired during the year	267,109	'	'
Translation adjustment	-965	'	'
Amortization	-4,570	-2,642	'
Ending Balance	519,406	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'
Gross carrying amount	194,153	'	114,132
Accumulated amortization	-48,836	'	-44,410
Carrying amount, net	145,317	'	69,722
Service Centers [Member]	'	'	'
Goodwill [Roll Forward]	'	'	'
Beginning balance	'	'	142,714
Ending balance	189,209	'	142,714
Innovative Pumping Solutions [Member]	'	'	'
Goodwill [Roll Forward]	'	'	'
Beginning balance	'	'	28,258
Ending balance	167,742	'	28,258
Supply Chain Services [Member]	'	'	'
Goodwill [Roll Forward]	'	'	'
Beginning balance	'	'	17,138
Ending balance	17,138	'	17,138
Vendor Agreements [Member]	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'
Gross carrying amount	2,496	'	2,496
Accumulated amortization	-1,237	'	-1,205
Carrying amount, net	1,259	'	1,291
Customer Relationships [Member]	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'
Gross carrying amount	189,932	'	109,897
Accumulated amortization	-46,769	'	-42,468
Carrying amount, net	143,163	'	67,429
Non-Compete Agreements [Member]	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'
Gross carrying amount	1,725	'	1,739
Accumulated amortization	-830	'	-737
Carrying amount, net	$895	'	$1,002

LONGTERM_DEBT_Details

LONG-TERM DEBT (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Borrowings [Abstract]	'	'
Long-term debt	$470,498,000	$194,585,000
Less: Current portion	-39,142,000	-26,213,000
Total long-term debt	431,356,000	168,372,000
Unsecured Subordinated Notes Payable [Member]	'	'
Borrowings [Abstract]	'	'
Long-term debt	1,065,000	2,361,000
Quarterly installments (in hundredths)	5.00%	5.00%
Promissory note [Member]	'	'
Borrowings [Abstract]	'	'
Long-term debt	5,808,000	6,000,000
Quarterly installments (in hundredths)	2.90%	2.90%
Wells Fargo Bank, National Association [Member] | Line of Credit [Member]	'	'
Borrowings [Abstract]	'	'
Long-term debt	223,000,000	76,849,000
Maximum borrowing capacity	350,000,000	'
Wells Fargo Bank, National Association [Member] | Line of Credit [Member] | LIBOR [Member]	'	'
Borrowings [Abstract]	'	'
Basis spread on base rate (in hundredths)	2.00%	'
Wells Fargo Bank, National Association [Member] | Line of Credit [Member] | Prime rate [Member]	'	'
Borrowings [Abstract]	'	'
Basis spread on base rate (in hundredths)	1.00%	'
Wells Fargo Bank, National Association [Member] | Term Loan [Member]	'	'
Borrowings [Abstract]	'	'
Long-term debt	240,625,000	109,375,000
Wells Fargo Bank, National Association [Member] | Revolving Credit Facility [Member]	'	'
Borrowings [Abstract]	'	'
Increase in borrowing capacity	'	75,000,000
Commitment fee (in hundredths)	0.35%	'
Available for borrowing under the facility	113,400,000	'
Expiration date	2-Jan-19	'
Wells Fargo Bank, National Association [Member] | Revolving Credit Facility [Member] | Minimum [Member]	'	'
Borrowings [Abstract]	'	'
Commitment fee (in hundredths)	0.20%	'
Wells Fargo Bank, National Association [Member] | Revolving Credit Facility [Member] | Maximum [Member]	'	'
Borrowings [Abstract]	'	'
Commitment fee (in hundredths)	0.45%	'
Wells Fargo Bank, National Association [Member] | Revolving Credit Facility [Member] | LIBOR [Member]	'	'
Borrowings [Abstract]	'	'
Base rate	'LIBOR	'
Amount outstanding	$463,600,000	'
Weighted average interest rate (in hundredths)	2.16%	'
Wells Fargo Bank, National Association [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member]	'	'
Borrowings [Abstract]	'	'
Basis spread on base rate (in hundredths)	1.25%	'
Wells Fargo Bank, National Association [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member]	'	'
Borrowings [Abstract]	'	'
Basis spread on base rate (in hundredths)	2.50%	'
Wells Fargo Bank, National Association [Member] | Revolving Credit Facility [Member] | Prime rate [Member] | Minimum [Member]	'	'
Borrowings [Abstract]	'	'
Basis spread on base rate (in hundredths)	0.25%	'
Wells Fargo Bank, National Association [Member] | Revolving Credit Facility [Member] | Prime rate [Member] | Maximum [Member]	'	'
Borrowings [Abstract]	'	'
Basis spread on base rate (in hundredths)	1.50%	'

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details) (USD $)	0 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Weighted Average Grant Price [Roll Forward]	'	'	'	'
Stock compensation expense	'	$685,000	$724,000	'
Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Award vesting rights	'	'The shares of restricted stock granted to employees and that are outstanding as of March 31, 2014 vest in accordance with one of the following vesting schedules: 100% one year after date of grant; 33.3% each year for three years after date of grant; 20% each year for five years after the grant date; or 10% each year for ten years after the grant date.	'	'
Numerator used for calculating the number of whole shares granted	'	75,000	'	'
Award vesting period	'	'1 year	'	'
Number of shares authorized for grants (in shares)	800,000	800,000	'	'
Number of shares granted (in shares)	-829,459	-44,300	'	'
Number of shares forfeited (in shares)	120,067	11,158	'	'
Number of shares available for future grants (in shares)	90,608	90,608	'	'
Weighted-average grant price of granted shares (in dollars per share)	$27.43	$97.17	'	'
Restricted Stock [Roll Forward]	'	'	'	'
Non-vested, beginning balance (in shares)	'	211,510	'	'
Granted (in shares)	829,459	44,300	'	'
Forfeited (in shares)	-120,067	-11,158	'	'
Vested (in shares)	'	-31,147	'	'
Nonvested, ending balance (in shares)	213,505	213,505	'	'
Weighted Average Grant Price [Roll Forward]	'	'	'	'
Non vested, beginning balance (in dollars per share)	'	$36.17	'	'
Granted (in dollars per share)	$27.43	$97.17	'	'
Forfeitures (in dollars per share)	'	$35.72	'	'
Vested (in dollars per share)	'	$38.14	'	'
Nonvested, ending balance (in dollars per share)	$48.48	$48.48	'	'
Stock compensation expense	'	700,000	700,000	'
Related income tax benefits recognized	'	300,000	300,000	'
Unrecognized compensation expense	$9,300,000	$9,300,000	'	$5,700,000
Compensation cost not yet recognized, Period for recognition	'	'30 months 6 days	'	'

EARNINGS_PER_SHARE_DATA_Detail

EARNINGS PER SHARE DATA (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Basic [Abstract]	'	'
Weighted average shares outstanding (in shares)	14,724	14,395
Net income	$11,618	$13,232
Convertible preferred stock dividend	23	23
Net income attributable to common shareholders	11,595	13,209
Per share amount (in dollars per share)	$0.79	$0.92
Diluted [Abstract]	'	'
Weighted average shares outstanding (in shares)	14,724	14,395
Assumed conversion of convertible preferred stock (in shares)	840	840
Total dilutive shares (in shares)	15,564	15,235
Net income attributable to common shareholders	11,595	13,209
Convertible preferred stock dividend	23	23
Net income for diluted earnings per share	$11,618	$13,232
Per share amount (in dollars per share)	$0.75	$0.87

BUSINESS_ACQUISITIONS_Details

BUSINESS ACQUISITIONS (Details) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Apr. 16, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

17-May-13

Mar. 31, 2014

Jul. 02, 2013

Mar. 31, 2014

Jul. 31, 2013

Jan. 02, 2014

Mar. 31, 2014

Business acquired in 2013 [Member]

Business acquired in 2014 [Member]

Minimum [Member]

Maximum [Member]

National Process Equipment Inc. [Member]

National Process Equipment Inc. [Member]

National Process Equipment Inc. [Member]

Tucker Tool Company, Inc. [Member]

Tucker Tool Company, Inc. [Member]

Alaska Pump and Supply, Inc. [Member]

Alaska Pump and Supply, Inc. [Member]

Tool Tech Industrial Machine and Supply, Inc. [Member]

Tool Tech Industrial Machine and Supply, Inc. [Member]

B27, LLC [Member]

B27, LLC [Member]

Purchase price allocation [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash

$2,968,000

'

'

'

'

'

'

'

$0

$0

'

$0

'

$430,000

'

'

$2,538,000

Accounts Receivable, net

69,431,000

'

'

'

'

'

'

'

14,549,000

505,000

'

1,424,000

'

1,505,000

'

'

51,448,000

Inventory

15,305,000

'

'

'

'

'

'

'

6,883,000

209,000

'

1,332,000

'

409,000

'

'

6,472,000

Property and equipment

18,081,000

'

'

'

'

'

'

'

3,317,000

0

'

172,000

'

19,000

'

'

14,573,000

Goodwill and intangibles

330,534,000

'

'

'

'

'

'

'

39,345,000

4,678,000

'

12,148,000

'

7,254,000

'

'

267,109,000

Other assets

2,252,000

'

'

'

'

'

'

'

698,000

0

'

389,000

'

2,000

'

'

1,163,000

Assets acquired

438,571,000

'

'

'

'

'

'

'

64,792,000

5,392,000

'

15,465,000

'

9,619,000

'

'

343,303,000

Current liabilities assumed

49,701,000

'

'

'

'

'

'

'

19,175,000

391,000

'

1,079,000

'

1,987,000

'

'

27,069,000

Non-current liabilities assumed

29,750,000

'

'

'

'

'

'

'

5,649,000

0

'

1,419,000

'

0

'

'

22,682,000

Net assets acquired

359,120,000

'

'

'

'

'

'

'

39,968,000

5,001,000

'

12,967,000

'

7,632,000

'

'

293,552,000

Maximum period of information after acquisition date for revision in estimates

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase price

'

'

'

'

'

'

40,000,000

'

'

'

5,000,000

'

13,000,000

'

7,600,000

293,600,000

'

Borrowings under existing credit facility

'

'

'

'

'

'

36,600,000

'

'

'

'

'

'

'

'

'

'

Number of shares issued on acquisition (in shares)

'

'

'

'

'

'

52,542

'

'

'

'

'

'

'

'

36,000

'

Earnout amount

'

'

'

'

'

'

6,000,000

'

'

'

'

'

'

'

'

'

'

Fair value of earnout recorded at acquisition date

'

'

'

'

'

'

2,800,000

'

'

'

'

'

'

'

'

'

'

Earnout liability

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

Reduction in selling, general and administrative expense

'

'

'

'

'

'

'

2,800,000

'

'

'

'

'

'

'

'

'

Goodwill acquired

'

'

'

'

'

'

24,600,000

'

'

'

3,200,000

'

8,100,000

'

4,900,000

186,000,000

'

Intangible assets acquired

'

'

'

'

'

'

14,800,000

'

'

'

1,500,000

'

4,100,000

'

2,400,000

81,100,000

'

Purchase price financed under common stock issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,000,000

'

Transaction cost

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

Nontax deductible goodwill or intangible assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

213,700,000

'

Discount rate for valuation of acquired intangibles (in hundredths)

'

'

'

'

13.50%

15.90%

'

'

'

'

'

'

'

'

'

'

'

Sales from business acquisitions

'

'

23,000,000

30,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings (loss) before taxes from business acquisitions

'

'

-800,000

-1,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Pro Forma Information [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net sales

348,504,000

351,537,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

$11,595,000

$13,796,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Per share data [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basic earnings (in dollars per share)

$0.79

$0.95

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Diluted earnings (in dollars per share)

$0.75

$0.90

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

SEGMENT_REPORTING_Details

SEGMENT REPORTING (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]	'	'
Sales	$348,504	$290,097
Operating income for reportable segments	37,099	35,349
Adjustment for [Abstract]	'	'
Amortization of intangibles	4,570	2,642
Corporate and other expense, net	10,368	10,003
Operating income	22,161	22,704
Interest expense, net	3,397	1,627
Other income, net	-150	1
Income before income taxes	18,914	21,076
Service Centers [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Sales	231,224	210,091
Operating income for reportable segments	24,425	25,047
IPS [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Sales	79,881	41,523
Operating income for reportable segments	9,549	7,117
SCS [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Sales	37,399	38,483
Operating income for reportable segments	$3,125	$3,185

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], Machinery Tooling & Supply, LLC [Member], USD $)	1-May-14
In Millions, unless otherwise specified
Subsequent Event [Member] | Machinery Tooling & Supply, LLC [Member]	'
Subsequent Event [Line Items]	'
Consideration paid to acquire business	$14.90